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Federal government on Friday notified the constitution of 8th National Finance Commission (NFC) and the first meeting of commission has been convened by Finance Minister Ishaq Dar on April 28. A notification to this effect issued by the Finance Division stated that in pursuance of Article 160 (1) of the Constitution of 1973, the President is pleased to constitute the 9th National Finance Commission (NEC) with Minister for Finance as Chairman.

Prime Minister Nawaz Sharif on Friday said that with inflation at 13-year low, improved GDP growth and high forex reserves, the country's economy is turning around. Talking to newsmen after his arrival here on the invitation of British Prime Minister David Cameron, he also mentioned the reduction in the prices of petroleum products, causing a slash in the production cost of electricity.
Privatisation Commission (PC) has reportedly approved $ 100 million notional value of Pakistan Steel Mills (PSM) and appointed consortium of Pak China Investment as Financial Advisor to prepare the entity for sell-off, sources close to Chairman PC told Business Recorder. Pakistan Steel is the largest and the only integrated steel plant of Pakistan, with a production capacity of 1.1 Million Tons Per Year (MTPY) expandable upto 3.0 MTPY.
The rupee managed to sustain its overnight levels against the dollar on the money market on Friday, dealers said. The rupee held the last closing levels versus the dollar for buying and selling at Rs 101.63 and Rs 101.65 respectively, they said.
Low tax revenues, inefficient public sector enterprises, and large subsidies, have contributed to fiscal imbalances in Pakistan, said Asian Development Bank (ADB). The "ADB and Pakistan: Fact Sheet" updated on its website stated that to achieve sustained higher growth, Pakistan will need to prioritise the implementation of structural economic reforms-including taxation and other fiscal policies-and take action to alleviate power shortages.
Ministry of Petroleum has proposed to the Economic Co-ordination Committee (ECC) of the Cabinet to amend Schedule-1-II of Petroleum Product (Levy) Ordinance instead of the Oil and Gas Regulatory Ordinance to fix RLNG price on a monthly basis, it was learnt Sources told Business Recorder that Ogra has suggested an amendment to the Petroleum Products (Petroleum Levy) Ordinance 1961 (PL Ordinance) to declare the RLNG as a petroleum product as then its pricing can be done in line with prevailing practice for petrol pricing on a monthly basis.
Directorate of Intelligence & Investigation-Inland Revenue (I&I-IR), Karachi claimed to have acquired the details of around 700 Pakistani investors, who approach 'Damac Properties Co. LLC' to buy expensive villas in Dubai; it was learnt here on Friday. According to sources, the Directorate had served notice under section 176 of the Income Tax Ordinance 2001 to the local firm, which signed an agreement with Damac for managing investments of its projects in Pakistan.


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Banking Review 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.586 bln
Exports $1.932 bln
Imports $3.518 bln
WeeklyApril 16, 2015
Reserves $16.818 bln